The arterial and central venous concentrations of angiotensin I, II and III have been determined in Na replete and Na depleted conscious sheep. 2. During Na deficiency the arterio-venous ratios of angiotensin I, II and III were 0.48, 1.30 and 1.52 respectively. 3. During infusion of angiotensin II or III, the arterio-venous ratios were 2.1 for angiotensin II and 2.2 for angiotensin III. 4. The blood clearance rate of angiotensin II and III in Na depleted sheep were 135 and 140 l/h respectively; values similar to those found in Na replete animals. 5. The angiotensin III concentration in arterial blood is 42% of that found for angiotensin II. 6. A steady state model of angiotensin production and metabolism has been constructed and shows that 55% of arterial angiotensin II and 40% of angiotensin III are derived in the peripheral vascular bed. These are minimal estimates.